09 Ott Innovative Technologies for Audit
Making investments in the development of audit technology and implementation can be costly. That’s why a comprehensive knowledge of the extent of this process is essential for those making the decisions.
According to experts, the creation and implementation of auditing technology requires a substantial amount of budget, human resources and time. It is also crucial to identify the goals and objectives that need to be addressed. Implementation of technology for auditing is a complicated procedure that requires constant communication between teams, as https://data-audit.net well as a thorough understanding of the risks that could arise at any stage of the development process.
This is particularly true if your project’s goal is to improve efficiency in audits and data organization. One KPMG senior manager realized that a business with many entities could reduce hundreds of testing time through automated technology.
Auditors could also conduct audits remotely and virtually. This technology allows for greater efficiency, decreases the cost of travel and time spent in meetings with clients, and also allows auditors to utilize more sophisticated tools, like analytics.
According to Samantha Bowling, CPA, CGMA, managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs Implementing new technology in the audit is not an easy task. Her company has implemented artificial Intelligence (AI) to identify high-risk transactions. This technology has enabled her to customize audits to specific risks and eliminate the requirement for samples.
Sorry, the comment form is closed at this time.